LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global marine outboard engines market is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Marine Outboard Engines Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Post the 2008 recession, the US and European economies have shown strong revival. During the recession, the disposable incomes became very low, which inversely impacted the market space. Currently, the market has recovered and is on a healthy trajectory, which is driving the growth of the marine outboard engines market. The introduction of more versatile, innovative boats, which are customized to suit the customers’ needs is further propelling market growth.
Other key factors helping the market growth are the fall in fuel prices and growth in the boating industry. Region wise, Europe is the market leader with a share of 34% (2015 figures). The major contributors from this region are Finland, France, Spain, Italy, and Germany. The global market is expected to grow to over 1030 thousand units by 2020.
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Based on engine power, the report categorizes the global outboard engines market into the following segments:
- Low power output segment
- Mid-power output segment
- High power output segment
Low power output segment
“Regions like Brazil, Canada and Australia have a high prevalence of low power output engines due to the high demand for them from the fishing industry in these areas. Low power output engines are affordable and have a high fuel economy, which makes it a good match for the requirements from the fishing industry. These factors are impacting the high penetration of these engines in the market, making it the most widely adopted outboard engine with a market share of over 53%,” says Praveen Kumar, one of the lead analysts at Technavio for powertrain research.
The strict regulations set up by the environmental protection agency (EPA) on the carbon emissions for outboard engines and personal watercraft have led to original equipment manufacturers (OEMs) focusing more on the adoption of advanced technologies. Fuel injection technology, migration from two to four-stroke engines, and installation of exhaust after treatment, are now standard in low power output engines to reduce carbon emissions.
Mid-power output segment
Mid-power output outboard engines are mainly used for water sports activities, as they require slightly more power. Since adventure tourism and water sports activities are very popular in the US, the region generates maximum demand for mid-power output engines. Some of the popular mid-power output outboard engines are Honda BF90, Mercury 90, Suzuki DF90, Tohatsu M90A and Mercury 90 EFI.
In 2015, the US constituted for 32.33% of the global marine outboard engines market in mid-power output type segment, followed by Europe with 32.22%. ROW occupied 35.45% of the market, with Australia, Brazil, and Canada contributing the highest revenue. Analysts at Technavio forecast the global marine outboard engines in the mid-power output segment to grow at a CAGR of 5.15%.
High-power output segment
High-power outboard engines are typically used where the shaft size is 25 inches or more, in boats that can reach speeds of 60 mph and above. OEMs are currently focusing on improving the fuel economy to get government certifications, by improving fuel injection technology used and deletion of the carburetor. This is mainly used in large outboard engines as this technology provides a better power-to-weight ratio to the boat. OEMs are also using other advanced technologies such as four-stroke fuel injection technology, four-stroke throttle body fuel injection, and electronic control modules to get the fuel economy benefits.
“In 2015, the US constituted for over 58% of the global marine outboard engines market in the high-power output outboard engines segment followed by ROW and Europe. In the US, consumers show a preference towards high-power output outboard engines with engine power greater than 100 hp, which is a major driving factor for this market segment,” says Praveen.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Mercury Marine
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